Used to express intense desire for something, emphasizing willingness to sacrifice greatly. She would give her right arm to meet her favorite author in person.
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Non-literal
This is an idiomatic expression and isn't meant to be taken literally; it's about the strength of feeling. I'd give my right arm for the recipe to this incredible cake.
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Informal Speech
It's a colloquial phrase, best used in informal settings and not in formal writing or speeches. For tickets to that concert, I'd give my right arm.